TomTom gains 6% on better-than-expected Enterprise revenue
11/10/2024 08:48
** Shares in TomTom TOM2.AS rise 6% after the digital
mapping specialist's Enterprise unit posted Q3 revenue ahead of
expectations, softening a miss at group level
** Q3 group revenue of 140.7 mln euros ($153.9 mln) was
slightly below expectations, but Enterprise revenue of 41.7 mln
euros beat consensus of 38 mln euros
** "The company is clearly building-up momentum with
increased utilization by existing customers, as well as
continued commercial traction," ING analyst Marc Hesselink says
** Hesselink adds the misses in group sales and gross profit
were not a full surprise given the weak automotive end-markets,
while the Enterprise revenue was "much better than expected"
** TomTom's Q3 EBIT loss narrowed to 4.1 mln euros, beating
consensus estimate for a loss of 5 mln euros
** The shares are on track for their best day since Sept. 19
in the gains hold
($1 = 0.9144 euros)
(Reporting by Mathias de Rozario)
((mathias.derozario@thomsonreuters.com))